DOE TURNS DOWN ALL BIDS FOR ELK HILLS CRUDE

The U.S. Department of Energy has rejected all bids submitted in the Mar. 5 semiannual sale of crude oil from Elk Hills Naval Petroleum Reserve (NPR-1) in California. DOE said all 19 bids for the 53,740 b/d of crude were too low. The bids ranged from $11.71 to $14.06/bbl, with the top bids for the highest quality Stevens zone crude averaging $13.25/bbl. California oil companies said they bid what the market would bear, explaining a surplus of Alaskan crude on the West Coast has driven down

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